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CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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Best place to learn Accounts and Tax
Budget Changes (Amendments 2020) by CA Maninder Singh
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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New Optional income Tax Rate for Individuals
Govt has introduce new income tax rates for individuals under Section 115BAC
This is applicable for Financial year 2020-21 (Assessment year 2021-22)
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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How to calculate using new Slab rate
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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New Income Tax Rate is Optional If the taxpayer opts for new scheme, he will not get benefit of standard deduction, loss from house
property, Chapter VI A deduction like 80C, 80D, etc
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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Surcharge Rate for Individuals Changed in case having Income from
Sale of Shares Currently, Surcharge Rate for Individuals is
Income Upto Surcharge Rate
Upto 50 Lacs 0%
50 lac- 1 Crore 10%
1 Crore -2 Crore 15%
2 Crore - 5 Crore 25%
> 5 Crore 37%
In current year,Surcharge Rate has been kept same
But an exception has been provided for Income under Section 111A (Short Term Capital gain on sale of
shares and Section 112A on long term capital gain on shares)
Max Surcharge Rate on them cant be more than 12%
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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New Section 194O on TDS Deducted by E commerce Operators Suppose a dealer sells his goods oline through E commerce operators like Flipkart Amazon
Customer pays Flipkart/Amazon and Amazon pays to Dealer after deducting its charges
Now Amazon will also deduct 1% TDS if amount paid is more than 5 lacs
TDS Section Description Cutoff Rate
Section 194O TDS on Payments by Ecommerce Operators to E Commerce Participants
500000 1%
.
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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TDS if no Pan Number for Section 194O is 5%
Earlier Now
Normal Sections (194C/194J/194H) Normal Sections (194C/194J/194H)
If No Pan Number If No Pan Number
TDS Deducted @ 20% TDS Deducted @ 20%
New Section 194O
If No Pan No
TDS Deducted @ 5%
Due date for ITR and Audit report Made Different Earlier for those business whose accounts were required to be audited
Due date for Audit and ITR was same (30 Sep extended to 31 Oct)
Now due date for both have been made different
Audit Report had to be filed one month before ITR Due date
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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Now 2 Rates for TDS under Section 194J Earlier there was only 1 rate under Section 194J of 10%
Now 2 TDS Rates were deducted under Section 194J
10% for Professional Services
2% for Other than Professional Services
Turnover Limit for Section 44AD Earlier If turnover of a business uptp 2 crore
it can opt for presumptive income scheme under 44AD
He has to pay Tax @ 8% for Bank turnover and 6% for Cash Turnover
Now In this scheme, turnover limit is increased to 5 Crore provided
Total cash receipts are not more than 5% of total receipts
and
Total cash payments are not more than 5% of total payments
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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Who is required to Deduct TDS TDS is now to be deducted in case turnover > 1Crore in case of proprietorship business instead of 2
Crore earlier
Earlier
TDS was required to be deducted if deductor is
Company (Always)
Partnership (Always)
Proprietorship (If last year audit was compulsory)
Audit was compulsory if turnover > 2crore in case of business and gross receipts > 50 lacs in case of
professions
...
Now
TDS is required to be deducted if deductor is
Company (Always)
Partnership (Always)
Proprietorship (If last turnover was more than 1 Crore in case of business and 50 lacs in case of
professionals)
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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Dividend Distribution Tax Abolished If Companies wanted to distribute its profit (dividend) to it shareholders, it had to pay dividend
distribution tax
Rate of DDT was 15% + Surcharge + Cess = Effective 20.56%
This was exempt in the hands of shareholder upto 1000000
Now DDT has been abolished and this dividend is taxable in hands of shareholder
Faceless Scrutiny and appeal in Income Tax Earlier
Scrutiny of Income Tax Return was done online
However for Appeal. We had to visit Income Tax Department and file appeal manually
Now, even appeal is done online and no need to visit income Tax Department
Earlier Now
Scrutiny Online Scrutiny and Appeal both online
Appeal Manual
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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Instant Pan Card Generation from Aadhar Card Earlier,Pan Card is to be manually applied
Various documents had to be submitted like Photograph, Address proof and age proof
Whole procedure used to take at least 7 days
Now, Pan Card is Instantly Generated from Adhar card and no more documents are required
Earlier Now
Pan Card Documents Required Pan Card Documents Required
Address Proof Adhar Card
(Instant Generation) Age Proof
Photo
New TCS Rates Introduced On Certain Transactions, Seller has to collect TCS (Tax Collected at Source) from the buyer
like Sale of Scrap etc
Following New Services have been added In TCS Chart in Section 206C
Transaction TCS Rate Cutoff
Remittance out of India by a Money changer 5% 7 lacs
Sale of Overseas Tour package by Tour Operator 5% -
Sale of Any Goods if turnover of Seller is more than 10 Crores 0.10% 50 Lacs
CA MANINDER SINGH PRACTICAL TRAINING CLASSES @ teachoo.com 213 APSARA ARCADE,NEXT TO KAROL BAGH METRO STATION GATE NO 7, Mb 9205065874
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About the Author
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides
courses for Practical Accounts, Taxation , GST and Efiling at
teachoo.com.
What is teachoo?
Teachoo is a place where you can learn basics of Tax, Accounts, Excel, Tally free. You can also know
about online efiling work as done by Companies by taking our premium course
GST Accounts
Tax Tally
Excel Premium Course